Export Finance and Insurance Corporation Amendment (Strategic Reserve)

“I support all aspects of the strategic reserve within this bill. It ensures our fuel security as well as security of other strategic materials and will ensure our security of strategic critical minerals and rare earths. Australia, under the leadership of this government, is stepping up to take responsibility to lead globally on critical minerals and rare earth elements, and I commend the bill to the House.”

Australian Labor Party • MP • 30 Mar 2026

“That's why today's bill is so urgent. This Bill creates a Strategic Reserve to secure the supply of strategic materials that are vital for Australia's economy.”

Labor • Senator • 31 Mar 2026

“I thank the officials from the Department of Foreign Affairs and Trade and from Export Finance Australia who worked around the clock to deliver this key piece of legislation so quickly. This bill is a testament to what can be achieved to advance Australia's national interest when we bring together all arms of statecraft. This bill is an act of economic resilience, and I encourage all in the Senate to support this legislation.”

Labor • Senator • 31 Mar 2026

“Export Finance Australia needs new powers to finance the import of fuel and other necessary goods. In this parliament we talk all the time about making sure our farmers have urea. We've heard from the housing industry that we need things like PVC piping, and more and more conversations with stakeholders will reveal critical things that need to come into the country. This very elegant vehicle will allow Export Finance Australia to: provide financial derivatives; provide price support; purchase, sell and stockpile fuel and other necessary goods to ensure domestic availability as and when directed by government; and financially hedge resulting exposures as appropriate.”

Labor • Senator • 31 Mar 2026

“On behalf of the government, EFA will be able to underwrite the purchase of shiploads of fuel to get them here to Australia. It can provide insurance, derivatives, loans and other arrangements to make sure that those companies can go and get those cargoes for Australia and Australians. These new fuel security powers will put Australia in a strong position, securing fuel supplies where the cost may be prohibitive for private suppliers to source on commercial terms without government support. We will not wait for a crisis to get worse before doing what is needed. We are preparing for future challenges and getting ahead of the curve to shield Australians from the worst of this global uncertainty. Establishing these strategic powers is in our national interest and must pass the parliament today or tonight.”

Labor • Senator • 31 Mar 2026

“There's a second part of moving the fuel, which is to make sure fuel from offshore gets to our country. This bill is playing a role in supporting that. We do support that part of what this bill is doing. I think this is an important initiative, and we will absolutely support that, but it has taken too long. They were moving the fuel. They were moving all of the petrol, from one of our two remaining refineries, offshore. They were exporting it. They needed to move that fuel not off to Asia or wherever it was going but to regional communities and those 600 servos that didn't have fuel.”

Liberal Party of Australia • MP • 30 Mar 2026

“In closing, it's important, and Australians need immediate relief. I do congratulate the government on moving on the fuel excise; I think that was important. It came as a result of a call from the opposition last week. I think it's good that the government responded to that call in a positive way. We are supporting this bill. I think this is another good initiative by the government. Again, it will be made stronger if the government could look at this amendment and, in the same way they said that fuel excise from the coalition is a good idea, say that these amendments are a good idea too. Let's agree to them and make this legislation stronger.”

The Nationals • MP • 30 Mar 2026

“While I support the decision and the bill that's before us today, my concern remains that there is still a matter of the availability of fuel right now, because if small operators cannot afford to buy fuel, then there'll be no fuel at the bowser. It's that simple. Yes, we will support this bill as a necessary step. But I want to say to the government: please do not stop here. Fix the underlying policy settings. Restore support for Australian energy production. Support the entire fuel supply chain, not just those at the top end, and deliver real immediate relief to Australians doing it tough. Restoring fuel security is not just about imports, it's about ensuring that every part of the supply chain, from producer to distributor to small service station, can keep Australia moving. My constituents, and all Australians, deserve nothing less.”

The Nationals • MP • 30 Mar 2026

“The situation with our liquid fuels is that 50 per cent of the nation's imports by weight are liquid fuels. You can add another 10 per cent on top of that with petrochemicals. We need to do everything we can to ensure that those ships continue, that those contracts are met. We also need to make sure, as the member for Nicholls said, that the Export Finance and Insurance Corporation Amendment (Strategic Reserve) Bill 2026 takes into account the absolute need to ensure that oil, gas and coal are part of this government's deliberations and regulations and legislation. Export Finance had this mandate not that long ago, under this government, to reject and rebuff those fossil fuels. Haven't we been caught with our pants down. Haven't we been caught short when it comes to ensuring that we have ready-made Australian supplies on hand and available.”

The Nationals • MP • 30 Mar 2026

“I want to congratulate the government and the Prime Minister for today doing precisely what the coalition recommended, on Friday, that he do. It only took four days, after four weeks of not a lot happening—a lot of meetings, but not a lot happening. We called for the halving of the fuel excise and the reduction of the heavy-vehicle road user charge. In fact, this last week I've spoken with the Trucking Association and I've also spoken with the bus industry; both were very concerned about the costs that they were incurring. In my electorate, nine earth-moving employees have found themselves without a job this week because the employer cannot pay what he's being required to pay for fuel. Twenty-six cents a litre—yes, we suggested it; we think it makes a difference. Removing the road user charge for heavy vehicles impacts the trucks on the road. Earth moving, basically, as far as I understand, is on land; therefore, it won't incur that cost. I'm happy to be corrected on that.”

The Nationals • MP • 30 Mar 2026

“I prefaced my speech by saying that I thought this was a useful contribution on the part of the government, albeit too little, too late. The cost of energy in this country has absolutely skyrocketed under this government over the last four years, and that is not just as a result of the war. The inflation rate that is now 3.7 per cent in this country is not just because of the war. This government was mismanaging inflation long before the war. This government promised us $275 price reductions. We have seen increases in energy costs of around 30 per cent under this government.”

Liberal Party of Australia • MP • 30 Mar 2026

“The fact that we're here today with this rushed legislation coming through, which the opposition have been happy to support because we were given a briefing at seven o'clock last night, shows that the government is literally chasing its tail in trying to deal with this national fuel crisis. I'll give you the most classic example as to why they're doing that. We're making changes to the Export Finance and Insurance Corporation Act so that they can deal with getting oil here to Australia. Guess what they did last year? They sent a message to EFA, a statement of expectations, saying: 'You're not to touch oil. You're not to touch gas. You're not to touch coal.' And, yet, here we are today, and they've finally realised that oil's important. They had no idea that diesel powers 50 per cent of our energy in this nation—50 per cent! Fishing, farming and mining are all dependent on diesel. They had no idea about the importance of diesel and no idea about the importance of coal and gas to our nation, especially when you have something like a war taking place. The government had to be led kicking and screaming to admit there was a national crisis going on. Now, finally, they seem to be taking some measures to deal with supply. I hope they're successful, and that's why we're happy to support it.”

Liberal Party of Australia • MP • 30 Mar 2026

“So welcome back to the Labor Party. Welcome back to the land of common sense and the planet called Earth. It's just a little bit late, and I do think there are still shortcomings with this approach, which, unfortunately, may cause issues for us in the future. As I say, we will happily guide the Labor Party back to planet Earth. We've been here. We never left, so we know the way around here, and we'll help them get this bill through the Senate at the last minute. But, in doing so, I want to flag that we will move some amendments that would, once and for all, see Labor's war on fossil fuels end. If the Labor Party doesn't support these very reasonable amendments, we will see that their last-minute conversion to these issues is fake one. It's not real. They are just trying to manage themselves from one political crisis to another, not to really solve the issues ahead of our nation.”

Nationals • Senator • 31 Mar 2026

“This amendment talks to how we should look at what we're about to do, which I commend—in fact, I work with the government to do it, which I commend—but we've got to make sure that it doesn't start running into further obstacles the moment the fuel starts arriving in Australia. If we don't have fuel, then we don't have food. It's a pretty simple equation. If we don't have the reliability of fuel, then the first question people will ask in the country is: can I plant? And is the cost of planting so excessive that it's not worth planting, so should I reduce how much and reduce the risk? The next question will be: do we have fertiliser so that we get a fair return from planting? The next question will be: do I have security of fuel throughout the term of the crop? The last question will be: do I have the fuel to take the crop off, and do people have the fuel to take the crop away? That's whether it's carrots, barley, wheat or cattle. It doesn't matter. I don't think this nation has properly addressed that issue.”

One Nation • MP • 30 Mar 2026

“We support the bill because fuel in the tank is non-negotiable for national security, but at what cost? We will not pretend that this legislation is anything other than a second-best remedy for policy failure. The real test of this parliament will be: what do we do next? Will we slash the red and green tape that has strangled new exploration and refineries? Will we build the processing capacity that turns our resources into high-value Australian-made products? Will we be a partner of industry to get the most from our resources instead of a roadblock? Or will we simply congratulate ourselves for patching the holes in the ship? This bill deserves passage, but it's a long way short.”

One Nation • Senator • 31 Mar 2026

“It didn't have to be this way. Increased onshore reserves of fuel would have given us some breathing room. They would have allowed us to cushion the impact of the war on fuel prices. Increased domestic production of oil would have further cushioned the impact. We have the resources, about 17 billion barrels worth around $1.7 trillion, which could be easily developed. We could make diesel out of coal or gas. Many other countries do this. But we've had no political leadership or will to make these resources work in the national interest.”

One Nation • Senator • 31 Mar 2026

“Now we are moving emergency legislation to respond to this crisis that they wanted to pretend wasn't happening. If not for us fighting them tooth and nail, forcing them to act, I don't know if we'd even be here today, moving this legislation. It was a complete failure of leadership. That delay, that denial and that incompetence matters. It matters because a month wasted matters. It's a month too late now for farmers who were unable to plant their crops on time or harvest their crops on time. It's a month too late for transport operators, trying to keep goods moving across this country, who are now facing exorbitant bills. It's a month too late for regional communities who are already being smashed by higher fuel costs. And that delay means they will be facing higher costs for longer. It's a month too late to shield Australians from the absolute worst of the fuel shock that has now flooded through this economy. If we'd acted sooner, the problems would have been less severe.”

One Nation • Senator • 31 Mar 2026

“The central idea in this legislation is sound, and I will support it to address a temporary emergency situation. It gives Export Finance Australia a flexible set of tools—insurance, derivatives, loans and other arrangements—to derisk additional cargoes to encourage suppliers to bid for discretionary shipments. But these laws need guardrails to ensure these powers are temporary and not used to finance fossil fuels for any longer than would address the immediate fuel security crisis. To that end, I would urge the government to consider a much earlier period of review for this legislation.”

Independent • MP • 30 Mar 2026

“As I understand it, this bill was originally conceived to establish a strategic reserve for critical minerals. But, in response to the unfolding international crisis, the government has hastily redrafted it, expanding the scope of Export Finance Australia's powers so that it can enter into and support transactions to shore up fuel and other strategic supplies. When supply chains are under stress and prices are spiking, Australians expect the government to act. For that reason, I will support this bill to enable the government to respond quickly to the current crisis. But this bill also asks parliament to place a great deal of trust in the executive, trust in the breadth of the powers being granted, trust in a new and expanded role for EFA and trust that taxpayers will be adequately protected when public money is used to underwrite private risk, and it's those issues that I want to focus on today. But, first, let's look at what the bill actually does.”

Independent • MP • 30 Mar 2026

“The Export Finance and Insurance Corporation Amendment (Strategic Reserve) Bill 2026 provides new powers to do, I think, two very important things—(1) finance the import of fuel and other necessary goods and (2) provide financial derivatives and price point support to purchase, sell and stockpile fuel and other necessary goods to ensure domestic availability only on government direction and to manage exposures as appropriate, providing flexibility to deal with the current fuel crisis now and to stabilise supply and avoid escalation and destabilisation in the future. It will help the government to manage Australia's exposure to risk around acquisition and delivery of fuel in the unpredictable and destabilised global environment that we're currently in. I would like to thank Mr Farrell for the very early morning detailed briefing on this legislation.”

Centre Alliance • MP • 30 Mar 2026

“Straight up, I'll be supporting the Export Finance and Insurance Corporation Amendment (Strategic Reserve) Bill 2026, which will create strategic reserves for fuel and critical minerals and give the government the ability to better respond to future disruptions to supply chains.”

Independent • Senator • 31 Mar 2026

“I rise to speak in support of the Export Finance and Insurance Corporation Amendment (Strategic Reserve) Bill 2026. When supply chains are disrupted and prices spike, Australians expect their government to act—to step in where markets fall short and to protect the national interest. That's why this bill has my support, and I commend the government on bringing it forward so quickly. In times of heightened geopolitical uncertainty, there is a clear and legitimate role for government to stabilise outcomes and maintain supply of the things that we need.”

Independent • Senator • 31 Mar 2026